Economy News

OPEC will consider views of PM Modi seriously before cutting production: Saudi Oil Minister

India is the world's third largest oil consuming nation, which is more than 80 per cent dependent on imports to meet its energy needs. Led by Modi, it has been very strongly making a case for oil producers' cartel OPEC to price crude at reasonable and responsible rates.

6 days ago

Rupee falls 54 paise, touches 71 level against US dollar

At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.82, then fell further to 71 against the American currency, down 54 paise over it's previous closing price.

7 days ago

Fitch lowers Indian economy's growth estimate; says rupee will weaken in 2019

Fitch said widening current account deficit and increasingly challenging global economic conditions will cause the rupee's slide.

7 days ago

US dollar rebounds amid market expectation on fed rate hikes

In late New York trading on Wednesday, the euro decreased to $1.1340 from $1.1341 in the previous session, and the British pound was up to $1.2736 from $1.2717 in the previous session, Xinhua news agency reported.

7 days ago

India, UAE ink Rs 3,500 crore bilateral currency swap agreement to boost trade ties

With this agreement, trading and business can now be done using domestic currencies of both the countries, instead of the US dollar.

8 days ago

US dollar falls amid fears of slowdown in economic growth

The US dollar bought 112.81 Japanese yen, lower than 113.68 Japanese yen of the previous session. The US dollar decreased to 0.9974 Swiss franc from 0.9988 Swiss franc, and it was up to 1.3247 Canadian dollars from 1.3210 Canadian dollars.

8 days ago

Nifty, Sensex echo weakness in Asia; domestic investors await state election results

Asian shares fell as a relief rally petered out amid rising doubts over whether China and the United States will be able to resolve trade differences. An inverted U.S. yield curve also raised concerns about a possible recession.

9 days ago

Government plans to sell 149 ONGC, OIL oil fields, forms 6 member panel

The committee is constituted after Prime Minister Narendra Modi held a meeting to review domestic production profile of oil and gas and the planform cutting import dependence by 10 percent by 2022.

10 days ago

WhatsApp seeks RBI nod for payment banks for its 200 million users in India

The development comes amid WhatsApp coming under heavy fire from the government over the spread of fake messages on its platforms.

10 days ago

Russia, Saudi to extend OPEC+ pact to arrest sliding oil prices

The announcement was made by Russian President Vladimir Putin after he met Saudi Arabian Crown Prince Mohammed bin Salman in the sidelines of G-20 meeting in Argentina.

11 days ago

China says no to India's proposal to renminbi-rupee trade

India was looking for renminbi-rupee to buttress its exports and check the arresting state of increasing the trade deficit.

11 days ago

G-20 Summit endorses multilateral trade system, WTO reforms

The two-day summit discussed issues such as the future of work, infrastructure for development, financial stability, climate sustainability and international trade, among others.

11 days ago

In fresh headache for Modi, GDP growth slumps to 7.1% in second quarter

New numbers pose a headache for Modi government as it enters an election year and faces criticism over new back series GDP numbers

12 days ago

Trade war escalation the 'most likely' outcome of Trump-Xi dinner: Goldman Sachs

The G-20 summit could be the last chance to the economic powerhouses to avoid a full-fledged trade war which has sent shock waves across the global financial markets.

13 days ago

lL&FS crisis spill over, employees detained in Ethiopia by unpaid local staff

The letter highlighted the inability of the IL&FS management to send funds due to the restriction imposed by the Reserve Bank of India (RBI).

13 days ago